MOL Group, Mari Petroleum ink MoU on strategic cooperation

ISLAMABAD - MOL Group and MariPetroleum Company Ltd (MPCL) on Thursday announced a strategiccooperation initiative for evaluating future potential business opportunities in the local, international upstream exploration and production sector.

The strategiccooperation between the two petroleum exploration companies envisages exploring opportunities jointly in Pakistan, the Middle East, African continent and CIS Region, especially the Russian Federation and Kazakhstan. MPCL is one of the leading petroleum exploration and production companies of Pakistan with more than 60 years of rich history. It manages and operates the country’s largest gas reservoir (in terms of current reserves) at Mari Field.

MOL Group in Pakistan is the largest foreign producer of oil and gas. The two oil exploration and production companies with a robust financial background have desired through this MOU to exchange technical knowledge and industry experiences, allowing for further discussion of potential local, international upstream growth synergies and possible partnerships.

On the occasion, Dr Berislav said, “MOL Group comes with over 75 years of E&P experience, and has a successful record of creating value through its upstream activities in many countries. In Pakistan, the company has acquired institutional knowledge, that coupled with MOL Group’s technological edge can help create value beyond MOL Group’s current operational portfolio in Pakistan. We look forward to this new partnership with MPCL for exploring new business potential on the global level.”

Expressing his views, Lt Gen (R) Ishfaq said, "MPCL and MOL Group have a very successful partnership in the Karak joint venture in Pakistan. With the MoU signed today, we look forward to expanding our relationship to E&P opportunities internationally, while continuing to grow our relationship in Pakistan.” Abbas said, “The strategiccooperation between MOL Group and MPCL will form a technically and financially sound foundation on which we can build our future business. There are numerous opportunities and potential of hydrocarbon reserves that can be harnessed for the future energy needs of not just the region but in fact the world.”